"So when you combine those settings with low credit demand and elevated funding costs that does - and has continued to - impact on revenue growth through this quarter."

Mr Narev says the bank expects problems in the eurozone to persist for some time and is taking this into account.

"Every time you get a little bit of a change like an unfit election result in Greece or a market reaction elsewhere in Europe, you're going to get volatility because the problem remains unsolved and depends on a degree of political action which people get more or less certain is going to happen," he said.